Contractors

The provision of high level knowledge skills in certain sectors of the UK economy has traditionally been delivered by individuals trading as limited company ‘contractors’.

This structure is particularly popular in the following trades:

  • IT,
  • Business Consultancy,
  • Project Management,
  • Interim Management.

This structure proves attractive to both the worker and the client. Both obtain flexibility, outside of the constraints of modern day employment law, and both obtain tax and national insurance savings. Owner managers of such busineses will typically wish to minimise their overall tax leakage. We have developed a wealth of accounting experience in acting for such contractors, who typically require the following mix of our services:

Compliance Services

Outsourced Services

Advisory Services

Contractors are usually unfamiliar with running their own business. We understand this, and offer the back office tax and accounting support services that will allow you to spend your time more profitably. Your fee income and profits will usually be sufficient to benefit from our specialist tax advice.

Client Review

As an engineering manager, I started my own consultancy business ten years ago, with my wife as co-director. Whiting & Partners guided us in setting up the day to day accounting systems, that even the smallest company has to have, and have since looked after the annual accounts and tax matters.



 
Latest Blogs in Contractors
 
Vanessa Pearson
24th November 2017 IR35: Private Sector consultation announced

As we predicted in past blogs, the Chancellor announced a consultation into IR35 private sector contractors in the Autumn Budget. Since April 2017, contractors in the public sector are no longer responsible for evaluating their IR35 status; the end client is required to carry out an IR35 assessment instead. The Treasury believe this has increased…

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Hannah Wisbey
17th October 2017 Actors: IR35 tax rules will probably apply.

  In a recent tax tribunal test case, relating to the well-known actor Robert Glenister, HMRC were challenged as to whether the IR35 intermediary tax rules should apply to an actor earning his living through a personal service company.   As is typical with individuals providing their personal services through an intermediary company, Mr Glenister…

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Vanessa Pearson
12th March 2017 New Flat Rate VAT Rules

Contractors: New flat rate VAT rules (Limited Cost Traders) HMRC has released updated guidance regarding changes to the flat rate VAT scheme which come into effect on 1 April 2017. The advantage gained by using the flat rate scheme is going to be restricted for ‘limited cost businesses’. A limited cost business is one whose…

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Vanessa Pearson
10th March 2017 IR35 in the Public Sector

HMRC: Finally release new Employment Status tool. The new public sector IR35 assessment rules come into effect on 6 April 2017 and contractors have been concerned that they are unable to confirm their IR35 status. HMRC has now released its long awaited online Employment Status Tool. The tool is available to contractors, engagers and agencies…

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Philip Peters
23rd August 2016 IR35 Compliance

IR35: Proposals for off-payroll working in the public sector. HMRC has been consulting over the summer on reform of the intermediaries legislation, commonly termed IR35. The proposal, announced in the Budget 2016, is to move the responsibility for determining the tax status of engagements in the public sector by consultants and others operating through their…

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Vanessa Pearson
23rd August 2016 New TAAR for Personal Service Companies

New Liquidation Tax Rules: How to ensure capital tax treatment. Most contractors will be aware that HMRC introduced a new targeted anti-avoidance rule (TAAR) wef 6-Apr-16, that will make it more difficult to obtain capital gains tax treatment when profits are withdrawn from a company by way of liquidation or dissolution. Four tests have to now be passed…

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